O-I Glass (NYSE:OI) Rating Lowered to Equal Weight at Wells Fargo & Company

Key Points

• Wells Fargo downgraded O-I Glass from "overweight" to "equal weight" and cut its price target to $13 from $18, which the firm says implies roughly a 25.4% upside from the stock's prior close.
• Analyst views are mixed — MarketBeat shows one Strong Buy, four Buy, three Hold and two Sell for a consensus rating of Hold with a consensus target of $17.56, while individual price targets among analysts range roughly from $13 to $21.

O-I Glass (NYSE:OI - Get Free Report) was downgraded by stock analysts at Wells Fargo & Company from an "overweight" rating to an "equal weight" rating in a research report issued to clients and investors on Friday, Marketbeat reports. They currently have a $13.00 price target on the industrial products company's stock, down from their prior price target of $18.00. Wells Fargo & Company's price target points to a potential upside of 25.40% from the stock's previous close.

A number of other analysts have also commented on OI. Robert W. Baird set a $20.00 price objective on O-I Glass in a report on Thursday, February 12th. Citigroup reduced their price objective on O-I Glass from $17.00 to $16.00 and set a "neutral" rating for the company in a report on Thursday, February 12th. Royal Bank Of Canada reduced their target price on shares of O-I Glass from $19.00 to $18.00 and set an "outperform" rating for the company in a research note on Thursday, February 26th. Truist Financial lifted their price target on O-I Glass from $17.00 to $21.00 and gave the company a "buy" rating in a research report on Tuesday, January 6th. Finally, Wall Street Zen downgraded shares of O-I Glass from a "buy" rating to a "hold" rating in a report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, O-I Glass has a consensus rating of "Hold" and a consensus target price of $17.56.

O-I Glass Stock Performance

NYSE OI opened at $10.37 on Friday. The company has a market cap of $1.58 billion, a P/E ratio of -12.34, a PEG ratio of 0.49 and a beta of 0.82. The company has a fifty day simple moving average of $14.19 and a 200 day simple moving average of $13.61. The company has a current ratio of 1.25, a quick ratio of 0.77 and a debt-to-equity ratio of 3.35. O-I Glass has a 12-month low of $9.23 and a 12-month high of $16.91.

O-I Glass (NYSE:OI - Get Free Report) last released its quarterly earnings data on Tuesday, February 10th. The industrial products company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.01. The firm had revenue of $1.50 billion for the quarter, compared to the consensus estimate of $1.52 billion. O-I Glass had a negative net margin of 2.01% and a positive return on equity of 18.07%. The business's revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) earnings per share. Sell-side analysts predict that O-I Glass will post 1.33 earnings per share for the current fiscal year.

Institutional Trading of O-I Glass

Institutional investors and hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in shares of O-I Glass by 1.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 37,828 shares of the industrial products company's stock worth $558,000 after purchasing an additional 701 shares during the last quarter. Barclays PLC grew its stake in O-I Glass by 0.3% in the 4th quarter. Barclays PLC now owns 246,766 shares of the industrial products company's stock worth $3,642,000 after buying an additional 755 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in shares of O-I Glass by 87.6% in the 4th quarter. Farther Finance Advisors LLC now owns 1,778 shares of the industrial products company's stock worth $26,000 after buying an additional 830 shares during the last quarter. ProShare Advisors LLC increased its stake in O-I Glass by 3.1% in the fourth quarter. ProShare Advisors LLC now owns 29,887 shares of the industrial products company's stock valued at $441,000 after acquiring an additional 911 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in O-I Glass by 64.1% during the second quarter. Smartleaf Asset Management LLC now owns 2,350 shares of the industrial products company's stock valued at $35,000 after purchasing an additional 918 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company's stock.

About O-I Glass

O-I Glass, Inc is a leading global manufacturer of glass containers, supplying the food and beverage, wine and spirits, pharmaceutical, cosmetic and personal care industries. Headquartered in Perrysburg, Ohio, the company produces a broad range of glass packaging solutions, including bottles and jars, designed to meet customer specifications for size, shape, color and performance. O-I leverages proprietary technologies in forming, decoration and quality control to serve both mass-market and premium brands.

Tracing its origins to the early 20th century through the merger of prominent regional glassmakers, the company adopted the Owens-Illinois name in 1929 before rebranding as O-I Glass in 2015.

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